SELANGOR, 14 December 2022 – MGB Berhad (“MGB” or the “Group”), a construction and property development solutions provider and subsidiary of LBS Bina Group Berhad, today announced that its subsidiary Retro Court Sdn. Bhd. (“RCSB”) has entered into a Framework Agreement (“Agreement”) with Invest Energy Sdn Bhd (“IESB”). RCSB is a developer and operator of 1,007 acres of heavy industrial land in KTIP whereas IESB is a leading clean energy solutions developer and investor of, among others, renewable energy and energy efficiency solutions such as waste heat recovery, biomass, biogas, solar and/or cogeneration plants.
Under the Agreement, both parties aim to collaborate and explore the potential design, finance, build, operation, and/or maintenance of a Centralised Utility Facility (CUF) Technology in KTIP. Pursuant to the terms of the Agreement, IESB shall provide a combination of various utilities such as power, steam and cooling at a designated area to be determined by RCSB, towards improving KTIP’s energy efficiency and environmental footprint.
The signing of the Agreement took place at LBS’ headquarters in Plaza Seri Setia, Selangor. MGB Executive Vice Chairman Tan Sri Lim Hock San signed on behalf of RCSB while IESB was represented by its Group Managing Director, Anand Ramakrishnan. The signing was witnessed by MGB Group Managing Director, Datuk Wira Joey Lim Hock Guan and IESB Executive Director and Chairman, Azizi Bin Meor Ngah.
The Agreement will be effective from 14th December 2022 for a period of one year unless terminated by either party or both parties enter into a Definitive Agreement. MGB Executive Vice Chairman Tan Sri Lim Hock San said, “Contributing to the green transition agenda is one of the priorities for the Group. We cannot afford to ignore today’s energy or climate crisis. The wealth of resources available in KTIP is abundant and part and parcel of our role is to consider the energy efficiency and environmental footprint arising from the development. We are optimistic that our collaboration with IESB will offer positive growth potential in our drive towards producing clean energy, reducing energy costs and improving efficiency within KTIP.”
IESB Group Managing Director Anand Ramakrishnan said, “We are thrilled to be developing the first of its kind integrated green energy plant with MGB in Malaysia. IESB will be undertaking this investment via its joint venture partnership with Swiss ESG Fund, SUSI Asia Energy Transition Fund based in Singapore. This project will further support MGB’s aim of bringing in world class MNC companies into KTIP that are conscious about climate change. We both share a common interest which is to contribute towards net zero 2050 and accelerating decarbonization.”
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About MGB Berhad
Established in 2007, MGB Berhad (“MGB”) has evolved into a construction and property development solutions provider, primarily focusing on providing efficient and cost-effective solutions across a wide range of industries, in particular building mass market and affordable living spaces for generational living in Malaysia.
Through its subsidiaries, MGB provides a full range of design, construction and development services including design and build, project management, civil engineering, value engineering, geotechnical specialisation, and manufacturing in Industrialised Building System (IBS) precast concrete products.
MGB has accumulated a strong track record, with more than 14 years in design and build to general construction for residential, commercial and industrial buildings as well as infrastructure works. MGB has successfully completed more than 19,000 units of properties, particularly in the affordable homes segment. In addition, MGB has also completed more than 5,000 homes using their IBS technology.
For more information, please visit www.mgbgroup.com.my.
About Invest Energy Group
Invest Energy is a leading pure play energy asset manager and developer investing in innovative, reliable, and proven total energy solutions with a focus on Clean Energy, Renewable Energy & Energy Efficiency infrastructure and services sectors.
Over the last decade, Invest Energy has won multiple awards for complex and unique clean energy projects. It’s investments towards this sector is expected to exceed USD500million over the next 5 years across South East Asia for multinationals, cities, and a multitude of other corporations looking towards a sustainable energy efficient future.
For more information, please visit http://investenergygroup.com/
For media inquiries, please contact:
1. Corporate Communication, Media & Digital, LBS at [email protected]
2. Ng Shu Wain at [email protected].